4 Costly First-Time Home Buying Mistakes
The best home buying experience is one where all goes according to plan — the first house is the perfect house, acceptance of your first offer, and a smooth transition to signing on the dotted line. While the process is (almost) never that easy, there are things you can do as a first-time home buyer to avoid making mistakes that can cost you big time in the long run.
MISTAKE: Not having (and sticking to) a budget
Before you even start your home search, you have to establish a budget that includes even the unexpected. One of the most costly mistakes first-time home buyers make is looking at homes that appear to be within their price range, only to find out during the process that the budget did not include things like inspections, moving costs, and home owners insurance.
MISTAKE: Not knowing your credit score
If you don’t know your credit score, you have no idea how a bank will consider you as a candidate for a mortgage loan. If your FICO score is low, you’ll need ample time for repair. In order to be eligible for the lowest interest rates possible, lenders are expecting to see a credit score in the 700 or higher range. Improving your credit score should start with knowing where you currently stand. From there you will need to make sure you are paying bills on time and lowering your debt to income ratio as much as possible.
MISTAKE: Not clearly defining your needs vs. wants
It can cost both you and your agent a lot of unnecessary time looking at homes that don’t match your set criteria. There are many things you may want in a home, but before you make an offer, at least most of your needs should be met. Choosing a home with more of your wants than your needs will cost you more in the long run because eventually you’ll have to make those needs a reality.
MISTAKE: Foregoing a home inspection
A home inspection is exactly that; an inspection done by a professional who delves into the spaces of your home both readily visible and what’s going on behind the scenes. If you buy a home without having it properly inspected, the problems you could face after moving in could be extravagant.
Thanks for reading my blog! It is my goal as your full service real estate Realtor specializing in the Richmond Hill, Savannah, Pooler, and Hinesville– Georgia areas, to provide you with exceptional service at all times. My promise to you is to openly and honestly answer all your questions, help you navigate through the process and to make myself available to you day and night. I work for you and you are my priority. My local expertise and extensive real estate training and experience will benefit you whether you are serious about buying or selling a home at this time, or are a returning client checking out the many homeowner resources I offer. I am a “real” person and my reputation depends on every client, every deal, every day. I LOVE my job and it shows! You can also connect with me on my Facebook Page and/or Google Plus for area info and events, things to do, real estate news, home ownership tips, tips for both buyers and sellers, and so much more! I’m also on Pinterest!